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Xerox Corporation Message Board

betting_my_bundle 48 posts  |  Last Activity: Jun 25, 2014 10:07 AM Member since: Jul 2, 2001
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  • betting_my_bundle by betting_my_bundle Jun 9, 2014 11:06 AM Flag

    Looks like director David Rickey bought 30,000 shares in various accounts at $2.34 last Thursday. I guess he likes the BARDA odds...

  • Reply to

    Chris Calhoun - November 7, 2013

    by wall_street_titan May 30, 2014 5:12 PM
    betting_my_bundle betting_my_bundle May 31, 2014 6:32 PM Flag

    "Then sell the stock dummy!"

    JD, based upon what many post here it's incredibly hard to believe they own the stock or have owned it as long as it appears. The same repetitive negative comments month after month, year after year. What's that saying about doing the same thing over and over and expecting a different result?

  • betting_my_bundle by betting_my_bundle May 6, 2014 6:34 PM Flag

    This makes room for K.T. Lim plus one more. When CC retires from the board there will be another opening.

    "On April 30, 2014 and effective as of that date, the Board approved an amendment to the Company’s Amended and Restated Bylaws to increase the size of the Board from nine to up to eleven directors, with the number of directors to be determined from time to time by vote of a majority of directors then in office."

  • Reply to

    CYTX Filing for $100M Shelf Offering!

    by sweptawayus May 9, 2014 4:43 PM
    betting_my_bundle betting_my_bundle May 9, 2014 5:46 PM Flag

    "doesn't mean that they plan to sell securities at these prices"

    JD, true, I'm sure CYTX hopes to raise capital as cheaply as possible. Good news from BARDA would do the trick. The higher the stock, the lower the cost of capital or dilution. Though it is most likely that they will offer securities to raise cash at some point in the not too distant future, it is also possible that they also could use this shelf to fulfill terms of a partnership deal. Perhaps the strategic partnership with a Japanese firm that we've been waiting so long for?

  • Reply to

    $10,000,000 Capital Raise

    by wall_street_titan May 30, 2014 8:16 AM
    betting_my_bundle betting_my_bundle May 30, 2014 9:53 AM Flag

    "doing a capital raise that was not at a discount to market"

    JD, this unit offering implies the stock component was done at a substantial discount. The discount is the value of the warrants.

    The bottom line is that CYTX needs cash to finance its operations. Its cost of equity capital will be very high until they generate enough positive news to drive the stock higher. We all know this. There are key catalysts ahead so hopefully the next time they raise cash it will be far less dilutive.

  • Reply to

    Director Buys 30,000 shares

    by betting_my_bundle Jun 9, 2014 11:06 AM
    betting_my_bundle betting_my_bundle Jun 9, 2014 12:16 PM Flag

    "what was your source?"

    JD, I saw the news hit the tape via and confirmed it by checking out the Form 4 SEC filing on nasdaqDOTcom. As others have pointed out, there are other good free sources of SEC filings.

    It's not a huge dollar amount but the timing of the purchase certainly says this guy thinks the odds are good that we get a positive and timely BARDA decision. We'll see very soon...

  • betting_my_bundle betting_my_bundle May 16, 2014 10:08 AM Flag

    Nice call, JD! I certainly don't mind being wrong on this one. The higher exercise price seems more than fair for an extra year of life. The extended May warrants may now capture events such as BARDA, top line ATHENA I, progress at Lorem, regulatory actions in China and Japan, and who knows, maybe even a partnership deal. I agree with you, there is a good chance CYTXW will not be extended because they hopefully will be in the money by September.

  • Reply to

    BARDA IPR Date Set

    by wall_street_titan May 5, 2014 8:08 AM
    betting_my_bundle betting_my_bundle May 5, 2014 10:41 AM Flag

    "it may be time to increase Cytori stake by loading up on June 2.5 calls!"

    JD, the June $2.50 calls are offered at an implied volatility of 206 versus 97 for the September $2.50 calls so one may want to pay more for the extra 3 months and benefit from any positive news it may capture.

    Those September $2.50 calls are offered at $0.45 and expire on 09/20/14. CYTXW expires on 09/13/14 and has a strike price of $2.59. The warrants should be trading cheaper to the September calls but lately have been trading richer. There are bids for warrants well above the 45 cents that the options are offered. Expect someone to come in and hit those CYTXW bids like they did last week.

  • Reply to

    Insider Selling

    by moneyme123 Jun 16, 2014 10:22 AM
    betting_my_bundle betting_my_bundle Jun 16, 2014 11:00 AM Flag

    "Does it concern anyone that the major players have sold loads of shares in MAY???"

    No, not at all. Stock and options are a big part of how insiders are compensated. These shares may be worth far more than cash salaries or cash bonuses. So it makes perfect sense that insiders at all firms eventually sell some shares to raise cash to pay bills, to diversify, or for other purposes.

    Think about how many stocks have risen by large amounts over the years. No doubt you'll see some insiders selling all the way up. XRX traded as low as $4.12 in 2009 and is now at $12.68. So the stock is higher now than where insiders have sold for the past 5 years.

    When a stock doubles, it makes sense to sell some. Now the stock has tripled off the lows so it makes sense to sell some more. This has no bearing on whether the stock will quadruple off the lows in the not too distant future. BMO just raised their target to $14 and others will follow as XRX continues to make progress.

  • Reply to

    CYTXW Chuck

    by myownhedgefund May 29, 2014 10:22 AM
    betting_my_bundle betting_my_bundle May 29, 2014 10:57 AM Flag

    CYTXW "offered at $0.55 ... why not snap them up"

    Looks like CYTXW is reasonably priced now that the big premium relative to the listed options is gone. September $2.50 calls are offered at 50 cents but unlike the warrants may not have expiration date extended.

  • betting_my_bundle by betting_my_bundle Jun 10, 2014 9:31 AM Flag

    Looks like a bid for 200,000 shares bid at $2.40. Someone wants a lot of shares ahead of the BARDA decision...

  • betting_my_bundle betting_my_bundle Jun 10, 2014 10:24 AM Flag

    I agree, it would not surprise me if it takes some time for BARDA to handle its internal procedures prior to formally announcing any additional funding. However, after the meeting management will probably have a very good feel for the outcome. Just as they have been indicating optimism in past presentations, there's a good chance the stock will reflect their updated expectations after the meeting.

    Despite the broad market moving lower, CYTX has yet to trade $2.40 so it looks like there are plenty of buyers jumping in ahead of the 200,000 share bid.

  • betting_my_bundle betting_my_bundle May 5, 2014 1:39 PM Flag

    Analysts currently expect revenues to grow slightly in 2015 versus 2014. They are not "receding" and should grow with the global economy plus acquisitions. Analysts also expect EPS to increase to $1.19 in 2015, up from $1.10.

    XRX continues to generate healthy free cash flow that far exceeds its nice dividend so they do not need to borrow to pay it. They are also repurchasing a lot of cheap shares, which is accretive to EPS.

    For evidence the company is turning around, note the steady increase in growing higher margin services revenues as a percentage of the total. XRX trades at a low PE and high free cash flow yield, so its current valuation already discounts its slower growth yet leaves plenty of potential upside. Reflecting this turn around, the stock is up from near $6 at the end of 2012 to near $12 today, yet it still is a good value.

  • Reply to

    Settlement Likely On Wednesday

    by jamesdean274 Jun 2, 2014 11:24 AM
    betting_my_bundle betting_my_bundle Jun 2, 2014 11:31 AM Flag

    "The settlement of 4 million shares at 2.47 per share...stock should not be selling for less"

    Units, not shares, JD. The implied price for the new shares is $2.47 minus the value of the new warrants. Today's stock price is well above the implied price of the shares included in the units.

  • betting_my_bundle by betting_my_bundle May 9, 2014 11:24 AM Flag

    "If AT&T is trying to #$%$ Charlie Ergen, he wants them to know he isn't taking the bait.

    On a call Thursday to discuss first-quarter results, the Dish Network chairman was asked about a potential acquisition of DirecTV by AT&T. Mr. Ergen said it would make sense as it would boost earnings and come at a price "materially higher than even DirecTV is selling for today." He added that AT&T would be "crazy" not to look at DirecTV.

    This came against a backdrop of speculation that AT&T, which is considering a bid for DirecTV, would actually be better off buying Dish, which has a trove of wireless spectrum. AT&T's reported interest in DirecTV may actually be geared toward getting Dish to come to the table with a lower price.

    If so, Mr. Ergen seems to be saying: Go ahead, buy DirecTV. But he couldn't help adding that the deal wouldn't get AT&T what it probably needs "to compete with where the industry is going." The obvious implication: Dish would."

  • Reply to

    Hedge, about the shorts

    by cytxer May 10, 2014 4:37 PM
    betting_my_bundle betting_my_bundle May 12, 2014 10:32 AM Flag

    You say: "short call options" is incorrect.

    These warrants are call options. CYTX is short these warrants or call options. The owners of the May warrants or CYTXW are long these call options. CYTX is on one side and warrant holders are on the other side of the trade.

  • Reply to

    Hedge, about the shorts

    by cytxer May 10, 2014 4:37 PM
    betting_my_bundle betting_my_bundle May 12, 2014 10:32 AM Flag

    "Have a publicly traded symbol go down to zero"

    Listed options that have a "publically traded symbol" on CYTX go "down to zero" every month. Warrants, whether listed or not, are just call options.

    "Lose credibility that the company cannot deliver"

    The expiration of warrants or options results because they are out-or-the-money at the time. It is a symptom of a low stock price which reflects management's ability to create value. Value creation is the deliverable. The expiration of worthless warrants is a symptom caused by a low stock price.

    "The embarrassment of fact that the company admits the shares are not worth $2.59 to convert"

    Again, it's the underlying stock, not the warrants, that may create embarrassment because value has not been created.

    "So they could make the same money by placing more shares?"

    YES, or more! Let the May warrants expire if out-or-the-money. Then if BARDA or other good news hits later they can sell stock at a price higher than the strike price of the expired warrants. The lower cost of equity capital implies less dilution.

    "What would the company gain by letting it go worthless?"

    CYTX is short the call options (warrants). While shareholders suffer because the stock is low, they "win" if the options expire worthless.

    "In this gamble one loses a lot more by letting them expire."

    No, you lose more by extending the warrants if you think good news will drive your stock higher and allow you to use your shelf to sell shares at a higher price than the strike price of the warrants.

  • betting_my_bundle by betting_my_bundle May 13, 2014 9:32 AM Flag

    So far I see Maxim cutting its target to $9 from $10, rating "Buy," and Roth maintaining "Buy" and $10 target. Roth "Analyst Joseph Pantginis noted that Cytori posted Q1 los of $.14 per share, flat with consensus view. Revs of $1.43 million compared with the firm's expectation of $2.7 million. Pantginis commented, We are encouraged by Cytori's continued streamlining of efforts based on three main fronts, 1) managerial, 2) commercial and, importantly, 3) clinical progress. Primary focus is currently on the ATHENA Phase II program in chronic heart failure..."

  • Reply to

    S&P Downgrade

    by rdravin May 19, 2014 11:35 AM
    betting_my_bundle betting_my_bundle May 23, 2014 7:53 PM Flag

    "If they do, stock should go back into the 20s."

    I agree. There is a good chance that much of the recent weakness in the stock is attributable to former CGX shareholders selling the RRD stock they received from the buyout. At around $15, the stock sells at a low PE, pays a nice dividend and should continue to grow and improve its balance sheet.

  • Reply to

    Another 15% share issuance....

    by play_tow May 1, 2014 8:55 AM
    betting_my_bundle betting_my_bundle May 2, 2014 10:04 AM Flag

    "GASS keeps tapping it"

    Let's hope this takes care of the equity financing for now after they botched the last attempt. The banks should now be willing to lend the rest for the announced acquisitions. Now if rates cooperate as the deliveries ramp up capacity some nice operating leverage should kick in.

XRX
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